Sensex hits 2-week low, tanks 248 points on global sell-off

Mumbai: Indian shares ended lower for the third straight session as the benchmark BSE Sensex tumbled over 248 points today to settle at a two-week low of 25,638.11, tracking a global rout after the ECB stimulus fell short of expectations.

The rupee woes against the dollar continued as it fell to 67.01, a two-year low, which along with sustained capital outflows kept investors on the edge. After resuming lower, the 30-share BSE Sensex continued its slide and hit a low of 25,623.71, before settling down by 248.11 points, or 0.96 percent, at 25,638.11 -- a level last seen on November 18.

The Sensex has now lost 531.30 points in the last three days. The broader NSE Nifty cracked below yet another crucial 7,800-mark by falling 82.25 points, or 1.05 percent, to close at 7,781.90. It moved between 7,775.70 and 7,821.40 intra-day.

For the week, the Sensex and the Nifty retreated 490.09 points, or 1.87 percent, and 160.80 points, or 2.02 percent, respectively. Globally, Asia and Europe fell after disappointment over the European Central Bank's stimulus decision.

ECB cut its deposit rate deeper into the negative territory and extended its asset buys by six months. But some felt that the action fell short of the crease. HDFC Ltd and M&M tanked the most plunging 2.42 percent each. Out of the 30-share Sensex constituents, 26 ended lower. NTPC, ITC, ICICI Bank, Tata Motors and RIL too lost ground.

Sun Pharma was a bright spot, which soared 4.02 percent after one of its subsidiaries received USFDA approval to manufacture and market generic version of Novartis' Gleevec. Shares of Bharti Airtel, Coal India and Tata Steel too gained.